FX.co ★ Bitcoin Hovers at Two-Week Low

In late March, Bitcoin hovered near $68,000, holding near a two-week low and preserving most of its recent losses, as escalating tensions among the US, Israel, and Iran dampened risk appetite. President Trump threatened to strike Iran’s power plants unless the Strait of Hormuz—closed for several weeks—was reopened, a move that drove oil and other commodity prices higher. In response, Iran warned it would retaliate against US and Israeli targets if its energy infrastructure were attacked. Since the outbreak of the Middle East conflict, Bitcoin has fallen more than 20%, deepening a decline that began in late October after it pulled back from its record high. Analysts note that the cryptocurrency is also under pressure from a broader selloff in equities and other risk assets, as well as rising energy costs that are pushing up mining expenses. Meanwhile, support from expected crypto legislation has faded as market focus shifts toward the unfolding geopolitical crisis.